Comfortable Retirement

 

Although most American workers are confident they will have enough money to retire comfortably, that confidence appears to be waning.

 

In 2001, 63 percent of workers responding to a survey said they were confident about having enough money to live comfortably throughout their 

retirement years. That’s down from 72 percent in 2000 and the first decline since 1996.1

But there’s some good news. It’s not unreasonable to link the decline in confidence with the economic slowdown that began in late 2000. So it may not be far-fetched to think that retirement confidence could grow as the economy recovers.

Here are more results from the survey:

• Seventy percent of workers feel they are doing a good job of preparing financially for retirement. Only 13 percent believe their preparations are totally inadequate.2

• Seventy-eight percent of workers said they expect to accumulate enough money to cover their basic expenses in retirement. Specifically, 37 percent of respondents said they are “very confident” of this ability.3

• Fifty-eight percent of workers believe they will have enough money to take care of medical expenses; 44 percent said they expect to have enough money to pay for long-term care.4

• Thirty-nine percent of workers said they have tried to calculate how much money they need to save before retirement. That’s down from 51 percent in 2000.5

Are you confident that you will have enough money to retire comfortably? It may be time to review your retirement savings plan to ensure you are on track.

1-5)  2001 Retirement Confidence Survey, Employee Benefit Research Institute

 

 

 

 

                                                                    

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